A core prediction of recent "dual-self" models is that a person's risk attitudes depend on her current level of self-control. While these models have received a lot of attention, empirical studies tailored to testing their core prediction are lacking. Using two prominent models, we derive...

In an experimental setting, we applied a dual strategy to better understand the effect of pictures of eyes on human behavior. First, we investigated whether the effect of eyes was limited to interaction tasks in which the subjects' decisions influenced the outcomes of other subjects. We expanded...

This paper attempts to identify behavioral patterns and compare their average success considering several criteria of bounded rationality. Experimentally observed choice behavior in various decision tasks is used to assess heterogeneity in how individual participants respond to 15 randomly...

A prominent finding in the literature on gender competition is that women are less inclined to compete in comparison to men. In this paper, we conduct a laboratory experiment to examine the relevance of beliefs about the sex of potential competitors on men’s and women’s decision to enter...

This paper presents an alternative interpretation of the experimental data published by Kahneman and Tversky in their 1992 paper describing Cumulative Prospect Theory. It was assumed that mental transformations such as mental adaptation, prospect scaling, and logarithmic perception should be...

Perceived urgency and regret are common in many sequential search processes; for example, sellers often pressure buyers in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities. theoretically, these strategies result in anticipated...

Why are people so often overconfident? We conduct an experiment to test the hypothesis that people become overconfident to more effectively persuade or deceive others. After performing a cognitively challenging task, half of our subjects are informed that they can earn money by convincing others...

We designed an experiment that examines how knowledge about the price of a good, and the time at which the information is received, affects how the good is experienced. The good in question was wine, and the price was either high or low. Our results suggest that hosts offering wine to guests can...

We consider a consumption model that takes into account the valuation and demand uncertainties that consumers face while using access services. Typical examples of such services include telecommunication services, extended warranties for consumer electronics, and club memberships. We demonstrate...

We consider the interaction of intrinsic motivation and concerns for social approval in a laboratory experiment. We elicit a proxy for Fairtrade preferences before the experiment in which we elicit willingness to pay for conventional and Fairtrade chocolate. Treatments vary whether this can be...